Cryptocurrency Politics

by Kerby Anderson: Cryptocurrency has been in the news lately, so it’s not surprising that Bitcoin and other cryptocurrencies have been a topic of discussion in Congress. In fact, Senator Cynthia Lummis (R-WY) and Representative Warren Davidson (R-OH) recently spoke at the Bitcoin 2021 conference in Miami.

However, Senator Elizabeth Warren (D-MA) took the opportunity at a Senate hearing to criticize cryptocurrency, calling on the federal government to regulate or eliminate it. She does seem open to a government-backed digital currency, which she believes would “drive out bogus digital private money.” At least, that’s her opinion.

To quote former US Senator (Daniel Patrick Moynihan), “You are entitled to your opinion. But you are not entitled to your own facts.” Many of her arguments weren’t even good arguments when Bitcoin began years ago. There are good answers to her criticisms. To read her comments, you would think just a handful of people have Bitcoin or any other cryptocurrency.

More than 46 million Americans now own Bitcoin. Billionaire investor Ray Dalio (founder of Bridgewater Associates) said he’d rather own Bitcoin than bonds. US Federal Reserve Chairman Jerome Powell refers to Bitcoin as a new “digital gold.”

New York Digital Investment Group (NYDIG) announced that Bitcoin is coming to hundreds of US banks. This month a bill introduced by the president of El Salvador to make Bitcoin legal tender passed the Legislative Assembly with a supermajority.

What about the complaint that Bitcoin uses too much energy? CEOs Elon Musk and Michael Saylor recently met with mining firms and plan to launch the Bitcoin Mining Council that will provide energy transparency and encourage even more emphasis on renewable sources.

Here’s my suggestion: before Congress tries to pass any legislation about any digital currency, they might want to get their facts straight.
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Kerby Anderson (@KerbyAnderson) is an author, lecturer, visiting professor and radio host and contributor on nationally syndicated Point of View and the "Probe" radio programs.

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